XAUUSD 4H | Bearish Reversal
Title
XAUUSD 4H | Bearish Reversal
Type
Bearish Trend
Preference:
The price is rising towards the pivot level at 2,756.67, which aligns with the 127.2% Fibonacci extension. A rejection from this area could lead to a bearish continuation towards the 1st support at 2,724.92, which acts as a strong overlap support level within the rising channel.
Alternative Scenario:
If the price breaks above the pivot level, it could climb towards the 1st resistance at 2,789.32, which aligns with the previous swing high.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.